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AXA IM re-launches Indian joint venture with Bank of India

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AXA Investment Managers Asia Holdings (AXA IM) has entered into a joint venture (JV) agreement with Bank of India (BOI) in asset management business carried on by Bharti AXA Investment Managers (BAIM).

Bharti Ventures, part of Bharti Group, AXA IM’s initial partner in BAIM will sell its 25% stake in the business and under the terms of the proposed new JV, BOI will acquire an initial stake of 25% in BAIM and subsequently an additional 26% stake to raise its overall shareholding in the JV to 51%.

The JV will leverage the global multi expert investment model of AXA IM along with BOI’s extensive distribution capabilities. Banks being a primary distribution channel of mutual funds in India makes BOI with its 3750 strong branch network the ideal partner for AXA IM to take the development of its asset management operations in India to the next level. At present, BAIM which has been operating in the Indian market for over three years, manages EUR25 million in assets across a diversified product suite in equities, debt and money market funds for over 30,000 investors in India.

Shri Alok Kumar Misra, Chairman of Bank of India commented: “This joint venture brings together BOI’s extensive distribution capabilities through its branch network and client base of over 45 million customers and AXA IM’s global multi expert asset management capabilities. It is a collaboration of two leading players within their respective industries that will lead to a stronger product proposition and better services for clients and investors in India.”

Dominique Carrel Billiard (pictured), CEO of AXA Investment Managers added: “Asia is a strategic priority for AXA IM and we are committed to the Indian market as a long term growth engine for the asset management industry. BOI is the 4th largest public sector bank in India and with its strong distribution footprint and brand recognition across India, it is the ideal partner for AXA IM to build on the strong foundations of the asset management business we have in India.”

“We are delighted to enter into this joint venture with BOI and we believe that the combined strength of both the BOI and AXA IM brands within financial services will enable this joint venture to become one of the top asset management players within the Indian market.”

This joint venture transaction is subject to regulatory approval.
 

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